Bharat Petroleum Corporation500547Quarterly results
Board approves unaudited standalone Q2 results; auditor review conclusion unmodified, board composition flagged
Board met on 23 October 2026 and approved the unaudited standalone financial results for the quarter and half year ended 30 September 2026, reviewed by the statutory auditors.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,57,817.93 | 1,21,604.70 | +29.8% | 1,59,527.05 | −1.1% |
| Total income | 1,58,167.36 | 1,22,557.47 | +29.1% | 1,60,776.35 | −1.6% |
| Profit before tax | 6,559.80 | 8,344.59 | −21.4% | (3,215.64) | — |
| Profit after tax | 4,863.05 | 6,191.49 | −21.5% | (1,872.70) | — |
| Total comprehensive income | 5,153.93 | 6,552.31 | −21.3% | (1,970.97) | — |
| Basic EPS | 11.38 | 14.49 | −21.5% | (4.38) | — |
- Profit after tax - YoY change
- −21.5%
- Period
- Quarter ended 30.09.2026
Auditor's review
Conclusion: Unmodified
- Emphasis of matter: BPRL's share in Indian block/JV assets, liabilities, income and expenditure recognised on latest unaudited financial/billing statements from operators (Note 5(a)).
- Emphasis of matter: BPRL Brasil Limitada acquired as wholly owned subsidiary effective June 30, 2026; provisional capital reserve of Rs. 217.30 crore recognised on bargain purchase (Note 5(b)).
- Emphasis of matter: Mozambique Area 1 restructuring; Rs. 7,804.75 crore derecognised from CWIP and reclassified as investment in equity-accounted investees (Note 5(c)).
Notes to the results
- Consolidated exceptional item - income of 1,884.56 (₹ crore) in quarter ended 30.06.2026; (165.87) in quarter ended 30.09.2025; nil in latest quarter (Refer Note 4).
- Cumulative net negative LPG buffer of ₹ 17,334.40 Crore as on 30th September 2026; LPG revenue not recognised to that extent.
- Six monthly instalments aggregating ₹ 3,796.98 Crore of MoPNG LPG compensation (total ₹ 7,594.00 Crore) recognised in Revenue from Operations during the period.
What the board approved
The board of directors met on 23 October 2026 and approved the company's unaudited standalone financial results for the quarter and half year ended 30 September 2026. The statutory auditors issued a limited review report on that statement.
Auditor's conclusion
- The conclusion is not modified. The auditors stated that nothing came to their attention that causes them to believe the statement contains a material misstatement or omits disclosures required under the listing regulations.
- Under Other Matters, they recorded that the company did not meet the optimum combination of independent directors required for the board through the half year, did not have a woman director, and was therefore not in compliance with the prescribed board composition and constitution of mandatory committees.
- A note explains that, due to non-availability of independent directors, an Audit Committee could not be constituted at the time of approval of the results; the results were reviewed and approved by the board.
Quarter at a glance (standalone, ₹ in Crore)
- Revenue from Operations: 1,57,778.58 in the quarter ended 30.09.2026, against 1,21,570.90 in the quarter ended 30.09.2025.
- Total Income: 1,58,245.32 against 1,22,761.59.
- Profit Before Tax: 6,686.11 against 8,595.55.
- Net Profit for the period: 4,993.17 against 6,442.53.
- Basic and Diluted Earnings Per Share: ₹11.69 against ₹15.08.
Half year at a glance (standalone, ₹ in Crore)
- Revenue from Operations: 3,17,257.86 against 2,51,148.79.
- Net Profit for the period: 1,031.04 against 12,566.46.
- Basic and Diluted Earnings Per Share: ₹2.41 against ₹29.41.
- The preceding quarter (ended 30.06.2026) had a Net Loss of (3,962.13), so the profitable second quarter is what lifts the half year into positive territory.
Why the half-year profit is lower
A note states the lower profit during April to September 2026 is mainly due to suppressed marketing margin on certain petroleum products, which was partly offset by higher refining margin.
LPG compensation and buffer
- The Ministry of Petroleum and Natural Gas has approved compensation of ₹7,594.00 Crore towards under-recoveries on sale of domestic LPG up to 31 March 2025 and likely to be incurred up to 31 March 2026, to be disbursed in 12 equal monthly instalments with monthly accrual from November 2025.
- Six equal monthly instalments aggregating ₹3,796.98 Crore were recognised during the reporting period under Revenue from Operations; five instalments aggregating ₹3,164.15 Crore were recognised during FY2025-26.
- As on 30 September 2026 the company had a cumulative net negative buffer of ₹17,334.40 Crore (₹12,318.52 Crore as on 31 March 2026), and revenue from sale of LPG has not been recognised to that extent.
Balance sheet and operating data
- Net Worth: ₹96,199.12 Crore as at 30.09.2026 against ₹95,232.74 Crore as at 31.03.2026.
- Outstanding Debt excluding lease liabilities: ₹15,245.96 Crore against ₹10,480.09 Crore.
- Current Ratio: 0.82 times against 0.89 times.
- Refinery Throughput: 10.41 MMT for the quarter; Market Sales (Domestic): 13.47 MMT.
- Other Expenses for the half year include ₹51.03 Crore on account of foreign exchange loss.
What a retail investor may want to track
- Whether marketing margins on petroleum products recover in coming quarters, since the company attributes the lower half-year profit to that.
- How the LPG buffer position of ₹17,334.40 Crore and the phased compensation instalments flow into reported revenue.
- Resolution of the board composition points raised by the auditors, including induction of independent directors and constitution of the Audit Committee.
- The rise in outstanding debt excluding lease liabilities and the current ratio of 0.82 times.
₹ 17,334.40 CroreCumulative net negative LPG buffer as on 30.09.
Net Profit for the period, half year ended 30.09. (standalone₹12,566.46 Cr
Profit after tax, latest quarter4,863.05 (₹ in Crore)
₹1,031.04 Cr-91.8%
2025₹12,566.46 Cr2026₹1,031.04 Cr
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More numbers
- Revenue from Operations, quarter ended 30.09.2026 (standalone)1,57,778.58
- Net Profit for the period, quarter ended 30.09.2026 (standalone)4,993.17
- Net Profit for the period, half year ended 30.09.2026 (standalone)1,031.04
- Net Profit for the period, half year ended 30.09.2025 (standalone)12,566.46
- Basic and Diluted Earnings Per Share, quarter ended 30.09.202611.69
- MoPNG approved LPG compensation₹ 7,594.00 Crore
- LPG instalments recognised during the reporting period₹ 3,796.98 Crore
- Cumulative net negative LPG buffer as on 30.09.2026₹ 17,334.40 Crore
- Total income, latest quarter1,58,167.36 (₹ in Crore)
- Total income, year-ago quarter1,22,557.47 (₹ in Crore)
- Total income, previous quarter1,60,776.35 (₹ in Crore)
- Total comprehensive income, latest quarter5,153.93 (₹ in Crore)
- Total comprehensive income, year-ago quarter6,552.31 (₹ in Crore)
- Total comprehensive income, previous quarter(1,970.97) (₹ in Crore)
- Profit after tax, latest quarter4,863.05 (₹ in Crore)
- Profit after tax, year-ago quarter6,191.49 (₹ in Crore)
- Profit after tax, previous quarter(1,872.70) (₹ in Crore)
- Revenue from operations, latest quarter1,57,817.93 (₹ in Crore)
- Revenue from operations, year-ago quarter1,21,604.70 (₹ in Crore)
- Revenue from operations, previous quarter1,59,527.05 (₹ in Crore)
- Profit before tax, latest quarter6,559.80 (₹ in Crore)
- Profit before tax, year-ago quarter8,344.59 (₹ in Crore)
- Profit before tax, previous quarter(3,215.64) (₹ in Crore)
Source: BSE · 23 Oct 2026
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